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What: Leggett & Platt (NYSE: LEG) shares dropped more than 10% in intraday trading following a disappointing earnings release. 

So what: The company, which manufactures components used in furniture and commercial fixtures, reported a drop in sales from Q2. Leggett & Platt typically experiences a seasonal increase in sales in Q3 compared with Q2.  Earnings of $0.31 per share were down nearly 9% compared with last year. Leggett & Platt executives cited weakening in the residential furniture market during the quarter.

Now what: Because the company's products are inputs into residential furniture, Leggett & Platt's weak sales may also be a bad sign for furniture companies such as La-Z-Boy (NYSE: LZB) and Sealy (NYSE: ZZ). Consumers may be avoiding larger ticket purchases that can be postponed.  

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